French chemical firm Arkema Group has sold two nonstrategic Chinese PET resin and ceramic additive businesses to Singapore's Hoe Seng Co. Pte Ltd.
Colombes, France-based Arkema said May 5 that the two businesses employed 105 at a factory in Guangzhou, China, and generated about 13 million euros ($17.2 million) in sales a year. Terms were not disclosed.
“The sale of these nonstrategic activities for Arkema will enable us to focus our resources on the development of other core business segments in which we offer genuine added value and hold leading positions,” said Richard Rowe, managing director of Arkema's functional additives business unit.
The PET catalysts are used by PET resin producers for polycondensation reactions. The ceramic opacifiers are used as additives in making sanitary ware and ceramic tiles.
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